S.Con.Res.42 - A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2013, revising the appropriate budgetary levels for fiscal year 2012, and setting forth the appropriate budgetary levels for fiscal years 2013 through 2022.112th Congress (2011-2012)

Lists the appropriate levels of new budget authority, outlays, and administrative expenses of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (Social Security Trust Funds), and specified major functional categories for FY2012-FY2022.

Authorizes the Chairman of the Senate Budget Committee to make certain deficit-reduction reserve funds for legislation for: (1) the sale of unused or vacant federal properties, (2) the sale of excess federal lands, (3) repeal of the Davis-Bacon prevailing wage laws, (4) reduction of the federal vehicles fleet, and (5) the sale of financial assets purchased through the Troubled Asset Relief Program (TARP).

Authorizes the Chairman to reduce the allocations of committees for any savings achieved by such sales, repeal, and reduction, with the savings used to reduce the deficit.

Makes it out of order to consider in the Senate any legislation that would cause the discretionary spending limits in this resolution to be exceeded, except by a supermajority waiver. Specifies such discretionary spending limits in the Senate for FY2012-FY2022.

Authorizes adjustments to the discretionary spending limits, budgetary aggregates, and allocations for adjustments to support ongoing overseas deployments and other activities.

Makes it out of order to consider in the Senate any legislation that would require advanced appropriations.

Sets forth requirements for the treatment of emergency legislation.

Allows the Chairman to adjust the estimate of budgetary effects of legislation that: (1) amends or supersedes the system for updating physician payments under title XVIII (Medicare) of the Social Security Act, (2) amends the Internal Revenue Code to establish a flat 17% tax rate, and (3) extends the Alternative Minimum Tax (AMT) relief for individuals. Permits the Chairman to make such adjustments only for points of order in this legislation relating to: (1) pay-as-you-go, and (2) long- and short-term deficits.

Requires Senate committees to: (1) review programs and tax expenditures in their jurisdictions to identify waste, fraud, and abuse or duplication, and to increase the use of performance data to inform committee work; (2) review the matters for congressional consideration identified on the Government Accountability Office (GAO) High Risk list report; and (3) make recommendations to the Senate Budget Committee to improve governmental performance in their annual views and estimates reports.

Rescinds any unobligated or unspent adjustments of allocations and aggregates made pursuant to this resolution after 36 months.